All Close Quarter articles
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NewsKaren Clark: Hurricane Andrew would cost insurers ~$70bn if it struck today
A storm with similar characteristics to Hurricane Andrew would cost insurers in the region of $70bn if it were to occur today, according to Karen Clark.
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Xubin Zeng: Limited collaboration with academia is slowing development of cat models
A lack of collaboration between the (re)insurance sector and the academic world is slowing progress in the development of catastrophe modelling tools, according to University of Arizona professor Xubin Zeng.
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News
Ascot calls for standardised approach to war covers in cargo market
The marine cargo market must come up with a “standardised and predictable” approach when writing war covers and issuing notices of cancellation (NOCs) in both ongoing and new conflicts, Ascot Group’s head of marine cargo Chris McGill has said.
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Ascot’s McGill: Ukraine cargo facility is “what the Lloyd’s market is all about”
Ascot’s new marine cargo facility providing all-risks coverage for food and grain exports from Ukraine demonstrates how Lloyd’s syndicates are “stepping up” to deliver innovative solutions to global issues, the carrier’s head of cargo Chris McGill has said.
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Aviation hull war rates continue to accelerate ahead of Q4 airline renewals
The aviation hull war market continues to respond “vigorously” to the fallout to the Russia-Ukraine conflict with 100 percent rate increases witnessed at airline renewals this year expected to continue into the busy fourth quarter for the sector.
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Geneva Association: Progress towards cyber public-private partnerships “still modest”
Little progress has been made in establishing public-private partnerships to address the potentially systemic challenges posed by cyber risks, according to the Geneva Association’s Darren Pain.
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Marsh’s Denny: D&O underwriters to intensify ESG focus as new exposures emerge
The rising tide of regulation around climate risk disclosure is creating new exposures for companies which in turn present new opportunities for D&O underwriters to develop products, according to Marsh Specialty’s Paul Denny.
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The Insurer TV: “Do things differently” to combat social inflation
Allied World’s Wes Dupont and Swiss Re’s Dana Franzetti have told The Insurer TV that the industry needs to change its approach to combat social inflation, with pointers including having a knowledge of plaintiffs’ attorney strategies and telling juries a better story.
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Mapfre: Macroeconomic headwinds slowing insurtech VC investment
Venture capital investment in the insurtech space has slowed down in tandem with the broader market as investors look for more traditional ways to generate returns in the current volatile environment, Mapfre’s global head of transformation Joan Cuscó has said.
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The Insurer TV: Rokstone $255mn US terrorism facility set to compete with “onerous” TRIPRA
Rokstone’s plans to expand in the political violence and terrorism market will provide an alternative to existing offerings including TRIPRA and Pool Re, the MGA’s CEO James Potter has said.
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KBW: Reserve surpluses are falling and inflation already a factor
Reserve adequacy has declined across multiple business lines as inflationary pressures continue to erode surpluses, KBW’s insurance equity research director Darius Satkauskas has warned.
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Markel’s McMellin: Wholesale business on track to write $1.5bn GWP in 2022
Markel International’s wholesale division is on target to deliver $1.5bn of gross written premium (GWP) as the business looks to expand into new business lines and geographies, the unit’s managing director Andrew McMellin has said.
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CFC’s Berry: Cyber rate momentum to ease but wording clarity must improve
Cyber insurance buyers can expect to see some relief in the momentum of price rises following two years of compound rate increases, according to Philippa Berry, CFC Underwriting’s cyber product leader.
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Oxbow’s Versi: Greenwashing poses threat of “legal ramifications” for industry
Oxbow Partners’ head of ESG, Miqdaad Versi, has warned of the legal ramifications that could arise if a company is accused of greenwashing in relation to statements made about ESG initiatives.
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Airmic CEO: (Re)insurance solutions do not meet the need of risk managers
Catching up with The Insurer TV before the start of the Airmic Conference 2022 in Liverpool this week, Airmic’s CEO Julia Graham said the products offered by the (re)insurance industry do not fully meet the needs of risk managers.
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Davos 2022: (Re)insurance collaboration central to climate goal success
As global leaders gather to discuss how to accelerate progress towards ambitious net-zero targets, deputy chair of the Resilient Cities Network Daniel Stander has stressed that the participation of the (re)insurance industry will be essential to the transition process.
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CSU: (Re)insurers should brace for “above-normal” 2022 Atlantic hurricane season
In this video, Colorado State University (CSU) researcher Phil Klotzbach tells The Insurer TV the upcoming Atlantic hurricane season will be characterised by “above-normal” activity for the seventh consecutive year.
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Verisk Specialty Business Solutions CEO: Adoption is the “key” next step towards technology development
(Re)insurance software platform Verisk Specialty Business Solutions will look to connect businesses and get them to “talk to each other” in a push for technology adoption, its CEO Ian Summers has said, as clients demand better distribution, data security and data enhancement.
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ABIR’s Huff: S&P’s new capital methodology proposal misuse of market power
As the consultation period for S&P Global Ratings’ new insurer risk-based capital adequacy model draws to a close, John Huff, president and CEO of the Association of Bermuda Insurers and Reinsurers (ABIR), has warned the proposals diverge from the requirements of different regulatory regimes.
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Brooks: ESG-focused Sustain ILS supports evolution of maturing ILS market
Newly launched Sustain ILS is looking to foster further evolution within the ILS sector as the innovative ESG-focused platform seeks to carve out a niche in the maturing market, Paschal Brooks has told The Insurer TV.
